Opening Tally Program Steps :

1. Click on Start Program
2. Click on All Program
3. Click on Tally Prime Alternatively , Click on Desktop Tally Prime Icon Setting up a new Company in tally means any accounting unit. It may be Sole Proprietorship, Partnership Firm, A Company, A Trust, Society etc. Creation of company is the first step in using any accounting software. Company creation in tally is very simple, but configuration in tally prime may take some extra time. For creation of company, select “Create Company” menu on first screen of tally. Following Screen Shall Appear as shown below: - Let us understand meaning and use of all the fields one by one :- · Directory :- The location where you want to save the company data. It can be internal hard disk drive or local computer or a network computer or any external drive also. · Company Name :- The name of company which you want to use for display on screen. · Mailing Name :- The name which user want to print in reports. It can be same as that of name or can be different name also. Lord Buddha Educational Trust Page 5 · Address :- The full address of the company should be written here. This will be used in all the report while printing. · State :- State option is available only if India is selected as country. Select the appropriate state from the list. · Pin code :- Enter the pin code of specified address. · Telephone/ Mobile Number :- Enter the telephone / mobile no. of company. · Email :- Type the company mail address here. · Website :- Type the company website here. · Financial Year From :- This is the starting date from which a user want to start an accounting year. The default financial year in tally prime is taken 1st April 2021. · Books Beginning From :- This is the starting date from which a user want to start recording transactions. By default it is taken as 1st April 2021. In case if books are opened on midway during the financial year then that date is to be entered here. · Security :- This is optional You can enable security features such as Tally Vault and user controls for your company anytime later. If You don’t see security options, Press F12(Configure) :> Set the following options to YES : Use Tally Vault Password to encrypt company data : Yes Use User Access Control : Yes · Base Currency Symbol :- By default currency symbol is Rs. But you can set it as per your need. · Formal Name of Currency :- By default currency symbol is INR. · Suffix Symbol to Amount :- In the case of certain countries, the company symbol is place after the numeral. · Add Space between amount and symbol :- By default it is Yes. · Show amount in Millions :- This is useful for companies, which require reporting of Financial Transaction in Millions. · Number of Decimal Places :- This is set to 2 by default but it can be specified up to 4 decimal places. · Word Representing amount after decimal :- The name of the decimal portion of amount appears based on the country selected. · Number of Decimal Places for Amount in Words :- You can specify the number of decimal places for printing the amount in words. Lord Buddha Educational Trust Page 6 Setting Up Company Features As you create a company in Tally Prime, you can set up the necessary features, either now or anytime later, based on your business needs. The basic minimum key features required for you to start recording your business transactions are enabled and displayed by default. To view other features in the Company Features screen · Set the Show more features option to Yes. · Set the Show all features option to Yes. Lord Buddha Educational Trust Page 7 Ø ACCOUNTING FEATURES :- v Maintain Accounts : - This option is set to Yes, by default. Setting it to No will disable accounting-related options for your company. v Enable Bill-wise entry : - Enable this option to display the option Maintain balances bill by bill created under sundry debtors and creditors. When you enter details of sales and purchases with the bill-wise option activated, Tally Prime prompts you to identify the invoice with an appropriate reference number. The reference number can then be used to allocate payments to the correct invoice to maintain an accurate account of outstanding. A bill-wise detail for non-trading accounts is useful when one needs to track either an installment to be paid or a loan amount to be received over a certain period of time. v Enable Cost Centre :- Set Show more features to Yes to view this option. Used for maintaining and allocating expenses to cost centre. v Enable Interest Calculation :- Set Show more features to Yes to view this option. Enable this option to calculate interest automatically based on the interest rate and the style of calculation specified. This is useful when interest rates change from time to time. Ø INVENTORY FEATURES :- v Maintain Inventory :- This option is set to Yes by default. This allows you to to maintain your stock or inventory. Setting this to No will disable Inventoryrelated features for your company v Integrate Accounts with Inventory :- Set Show more features to Yes. Maintain your stock or inventory along with your books of accounts. Stock records may contain errors caused by wrong allocation to items. This feature enables finalization of financial books without waiting for the reconciliation of stocks. You can drill down from the Balance Sheet to view the Stock Register. v Enable multiple Price Levels :- Set Show more features to Yes. Create multiple price levels for your stock items. v Enable Batches :- Set Show more features to Yes. Maintain batch information pertaining to Stock Items. Setting this option to Yes displays the Maintain in Batches field in the Stock Item Creation screen. Lord Buddha Educational Trust Page 8 v Maintain Expiry Date for Batches :- Set Show more features to Yes. Set expiry dates for the batches. This displays the Use Expiry Dates field in the Stock Item Creation screen. v Enable Job Order Processing :- Set Show all features to Yes. Create Job Work Out or Job Work In orders. v Enable Cost Tracking :- Set Show all features to Yes. Analyze and track the cost of an item in transactions v Use Discount column in Invoices :- Set Show more features to Yes. v Use separate Actual and Billed Quantity columns in Invoices :- Set Show more features to Yes. Specify quantities that are different from those delivered/received when invoicing. Ø STATUTORY AND TAXATION FEATURES :- v Enable Goods and Services Tax (GST) :- If your business is under the GST regime, set this option to Yes and specify the GST Details for your company. v Enable Tax Deducted at Source (TDS) :- If your business considers TDS payments, set this option to Yes and specify the TDS deductor details along with the applicable Rates and Exemptions. v Enable Tax Collected at Source (TCS) :- Set Show more features to Yes. If your business considers TCS payments, set this option to Yes and specify the TCS collector details along with the applicable Rates and Exemptions. v Enable Value Added Tax (VAT) :- Set Show all features to Yes. If your business is under the VAT regime, set this option to Yes and specify the VAT Details for your company. v Enable Excise :- Set Show all features to Yes. Allow considering excise-related details during voucher entry. v Enable Service Tax :- Set Show all features to Yes. If you pay service tax as part of your business transaction, set this option to Yes and specify the service tax details and set the preferences for your company. Ø ONLINE ACCESS FEATURES :- v Enable Browser Access for Reports :- Set Show more features to Yes. Once your company is connected to Tally.NET server, access Lord Buddha Educational Trust Page 9 the key business report from the browser in any device using your Tally.NET credentials. v Enable Tally.NET Services for Remote Access & Synchronization :- Set Show more features to Yes. Use features like Remote Access and Synchronization. Ø PAYROLL FEATURES :- v Maintain Payroll :- Set Show all features to Yes. Maintain payroll information in Tally Prime for the selected company v Enable Payroll Statutory :- Set Show all features to Yes. Maintain payroll-related statutory information. Ø OTHER FEATURES :- v Enable multiple addresses :- Set Show more features to Yes. Add multiple addresses for your company, as per your business needs. v Mark modified vouchers :- Set Show more features to Yes. For audit purposes, view all vouchers that are altered after creation. After you have created the company, in the Gateway of Tally screen, under Name of Company, the company name appears in bold. Select the Existing Company Steps : At first Go to Gateway of Tally Press F3 from the keyboard Select option of Select Company and Press Enter Key Select the required company from the List Alter a Company Steps : At first Go to Gateway of Tally Press F3 from the keyboard Select option of Alter Company and Press Enter Key Alter the company details as required Then accept the screen by CTRL+A Lord Buddha Educational Trust Page 10 Delete a Company Steps : At first Go to Gateway of Tally Press F3 from the keyboard Select option of Alter Company and Press Enter Key Press ALT + D from Keyboard Then confirm it by Y key or Enter key from Keyboard. Shut a Company Steps : At first Go to Gateway of Tally Press F3 from the keyboard Select option of Shut Company and Press Enter Key Then confirm it by Y key or Enter key from Keyboard. Understanding Gateway of Tally Gateway of Tally is a menu that appears on the screen after selection of the company. There are two parts of Gateway of Tally one is Left hand side and other is Right hand side. List of selected company and last date of entry shown on left side in main area and current period, Current date of the selected company. On the right hand side under Gateway of tally :- v Masters :- Master group is used for Creation or Alteration of Group, Ledger, Inventory, Voucher type, Payroll and Statutory detail. In Chart of Accounts Ledger, Inventory, Voucher type, Payroll, Budget and scenario prepared are shown. v Transaction :- In transaction voucher entry are made and in day book entries made through various vouchers are shown. v Reports :- Report group is used to see the reports of the company the report generated by tally are Balance sheet, Profit and Loss A/c, Stock Summary and Ratio Analysis. You can also print the various report by clicking print option. In display more reports you see more reports generated by tally like Trial balance, registers etc. Lord Buddha Educational Trust Page 11 v Quit :- This option is used for exit from tally program. The description of the buttons present is as follows :- v Company (Alt + k) v Data (Alt + Y) v Exchange (Alt + Z) v Go To (Alt + G) v Import (Alt + O) v Export (Alt + E) v Mail (Alt + M) v Print (Alt + P) v Help (F1) v Date (F2) and for Period (Alt + F2) v Company (F3) Groups In Financial Accounting, all transaction are recorded by using ledger or account heads. In Tally, groups are helpful in classifying and identifying account heads based on their nature. A group is a collection of ledgers which have similar transactions. All financial entries are made using ledger account heads. Ledger that have transaction of the same nature are classified under one group.